So here's my question. Once the bank finds out that the car is a total loss, and that you didn't have the required full coverage, what are they going to do? I assume that they will want the loan paid off immediately, yes? Seems like things could get sticky.
I'm going to go ahead and assume OP did not tell the police, insurance company, or bank that he was street racing or he probably wouldn't be at liberty to post about it. If he has no insurance claim to make anyway, he may not even notify his insurance company and just cancel the insurance. If he can scrape together the funds to pay off the bank, perhaps he will do that and then be left with no worse credit, but no money to put down on a new car (i.e. still a shitty situation). Assuming he doesn't have parents willing/able to pay it off for him, it's more likely he won't be able to pay off the loan and will default. When the bank finds out their collateral is gone and they can't collect from the insurance company either, they will turn it over to a collections company to harass him and his credit will be ruined for a looooong time. This will make getting a car (and a house, and a credit card, etc.) even harder in the future.
To those saying it's unfair that people with bad credit have higher insurance costs, this guy is the reason why. To those who are saying "lesson learned" and so forth, it seems like a very expensive lesson only an idiot would need to learn in the first place. If you have to risk your own life and that of others to "learn" that street racing is dumb, you deserve whatever is coming to you.
Sorry, but not sorry. Glad no one was hurt or killed. Hope you learned a valuable lesson. Good luck with the part out.
Whenever I'm thinking about doing something really stupid I try to remember to ask myself one simple question: "Is it worth it?"
When you put it to yourself in a perspective such as that, 99.936% of the time it'll keep you out of trouble.
If more people asked themselves that question, (or reverted to bicycles,) there might be a lot less "road rage" incidents recorded on cell phones.